Azerbaijan, UAE explore expanded cooperation in trade, energy, and investment

Azerbaijani Economy Minister Mikayil Jabbarov recently met with Mohammed Hassan Al-Suwaidi, the Minister of Investment of the United Arab Emirates (UAE), to discuss opportunities for deepening economic cooperation between the two countries.

Minister Jabbarov provided insights into the meeting in his social media account on X, per Caliber.Az.

We had the pleasure of meeting Mohamed Hassan Alsuwaidi, the Minister of Investment of the United Arab Emirates (@Inv_UAE), Managing Director and Group CEO of ADQ. We explored opportunities for collaboration in #trade, #investment-s, energy, agriculture, and finance to further… pic.twitter.com/Fvx1FoKTlu

— Mikayil Jabbarov (@MikayilJabbarov) February 3, 2025

"We had the pleasure of meeting Mohamed Hassan Alsuwaidi, the Minister of Investment of the United Arab Emirates, Managing Director and Group CEO of ADQ. We explored opportunities for collaboration in trade, investment, energy, agriculture, and finance to further strengthen the economic partnership between our countries. Our discussions also focused on the operations of the Joint Investment Fund and investments in key priority areas," the minister wrote.

On December 16, 2023, Azerbaijan Investment Holding (AIH) and ADQ, an Abu Dhabi-based investment and holding company, announced the creation of a joint venture aimed at investing in priority sectors including agriculture, technology, pharmaceuticals, and energy infrastructure. The venture seeks to capitalize on investment opportunities, targeting Azerbaijan, the UAE, and Central Asia, with potential expansion to other regions.

According to ADQ, the platform is designed to generate sustainable returns on invested capital, with both parties committing $500 million each to establish the venture. ADQ and AIH will hold equal stakes of 50% in the joint venture.

The UAE and Azerbaijan have enjoyed robust economic ties since 1992, with non-oil trade between the two nations tripling over the last five years. The two countries continue to explore further areas of mutual interest and collaboration.

In 2024, the UAE invested $356.3 million in Azerbaijan, a 5.2-fold increase compared to the previous year, underscoring the growing economic ties between the two nations. According to the Central Bank of Azerbaijan, these investments accounted for 7.9% of total foreign investments flowing into Azerbaijan during the first nine months of 2024.

Simultaneously, Azerbaijan has significantly boosted its investments in the UAE, totalling $437.2 million in the same period — an impressive 5.4-fold increase from the previous year. Azerbaijan’s share of the UAE's total foreign investments reached 31.2%, further cementing the strengthening economic collaboration between the two countries.

By Tamilla Hasanova